How to Buy Property in Spain

If you're dreaming of owning property in Barcelona, the process can be both thrilling and overwhelming. Casamona is here to guide you through the entire journey, ensuring you have a seamless experience without the stress of navigating complex legalities.

Let's explore the steps to make your dream home in Spain a reality.

• STEP 1: Understanding financing and costs

  If you already possess the funds for your property purchase, proceed to step 2.

  Mortgages in Spain:

  If you're not a Spanish citizen, securing a mortgage for over 50% of the property's purchase price might pose challenges. Initially, the bank will assess the property's value to determine the mortgage amount, a process that typically takes around two weeks. It's important to note that the appraisal value is often lower than the market price. Casamona is here to offer guidance and assistance throughout the mortgage acquisition process.

  Many non-Spanish citizens opt to secure a mortgage in their home country, as the process can be more advantageous and accessible than in Spain.

  
  

  1. Total cost of buying:

  • The purchase price
  • Notary fees which range from €500 to €1000
  • Transfer tax: 10 % of the purchase price, paid within 20 days after the appointment with the notary
  • Registration taxes: €1500 – €2000
  • If you need legal assistance with the buying process, legal fees will be roughly 1% of the purchase price
• STEP 2: Finding your dream home

  Navigating the Barcelona real estate market can be confusing, with different agencies listing the same property at varied prices and some showcasing unrealistic photos. At Casamona, we're here to simplify your search. Our team assists in filtering through the online property listings and ensures that you secure your dream home at the most reasonable price. Collaborating with local agencies, we offer an extensive selection of over 2000 properties. We're committed to presenting you with all available options, and should you require additional support, we recommend exploring our buyer agent package.
  

• STEP 3: Legal requirements to purchase property

  In order to buy property in Spain, it's essential to obtain a Spanish bank account and NIE (Número de Identificación de Extranjeros). We're here to guide you through these essential first steps.

  What is a NIE?

  The NIE (Número de Identificación de Extranjeros) is an identification number required for property purchases as well as essential services like healthcare, banking, and financial transactions.

  Obtaining one is straightforward: visit the Foreigners' Office at the police station (Oficina De Extranjería). To schedule an appointment, click here, select your province (Barcelona), and proceed to "Certificados y Asignación NIE" if you're from the European Union, or "Certificados y Asignación NIE (No Comunitarios)" if you're from outside the EU. The following page will guide you through the necessary instructions, forms, and costs for your NIE application.

  If you're using our buyer-agent contract (refer to Step 1 in the  Buyers Package), our team is ready to assist you with the NIE acquisition process.

  Spanish bank account

  To open a Spanish bank account, you will need:
  

  • Spanish Identification (NIE if you're a foreigner),
  • a document confirming your address in Spain,
  • proof of employment.

  
  

  If you prefer the convenience of online banking, you can open an account there, but remember to provide the same necessary documents. For personalized guidance, Casamona can assist you in choosing the right bank and provide details on the associated fees if you have a buyer agent contract with us (more information available in the Buyers Package). Let's make your banking process as smooth as possible!

• STEP 4: Making an offer

  Once you've found your dream home, it's time to make an offer. Casamona assists in presenting your offer to the owner, providing insights into negotiation.
  

  When presenting your offer, a payment of 1% of the property price or a minimum of 3,000 EUR is required.

  If your offer isn't accepted, the owner may propose a counter offer. Should an agreement not be reached, you receive a full deposit refund. However, if an agreement is reached, the deposit becomes your reservation, preventing the owner from selling, renting, or negotiating with other interested parties for the property. 

• STEP 5: The Arras contract

  The Arras contract solidifies the agreement between you as the buyer and the seller, outlining the purchase details and property price. At this stage, a payment of 10% of the buying price is required. This legally binding contract ensures commitment from both parties. If you decide to withdraw from the agreement, you forfeit the 10% deposit you've paid. Conversely, if the seller backs out, they are obligated to compensate you with double the amount of the deposit (20%). Keep in mind the significance of this contract in securing your property deal. Casamona will guide you through every step.

• STEP 6: Sign The Escritura

  The signing of the escritura, also known as the title deed, is the final step when buying property in Spain. This formal document finalizes the property transfer from the seller to the buyer. Both parties come together with a notary public to review and sign the escritura document and settle the remaining price of the property.
  

  The signing of the Escritura ensures the legal transfer of ownership. Once signed, the buyer officially becomes the legal owner of the property, marking the exciting conclusion to the buying process. You can now move into your new home!
  

  It's important to note that within the next 21 days, you'll be required to pay a transfer tax. This comprehensive process ensures a smooth and legal transition of ownership for your new property in Spain.

What buyers are saying about us

Pedro from Brasil

«I had just moved to Barcelona and found my dream apartment, but was worried and struggling to manage all the bureaucracy... At the moment Casamona stepped in, everything went fast and smooth. They didn’t only support me through the whole process, giving me proper guidance, but also helped me negotiate the price, which saved me a lot of money in the end. Special thanks to Tine and to Paul, who were attentive and responsive to my many questions throughout the process.»

Chris from Denmark

«Best real estate agent in Barcelona for buyers who are not familiar with the local market. They have a great property selection and their management service is secure and reliable. Highly recommended.»

Contact us if you want to start looking for your new home. We're happy to help!

If you're considering renting out or renovating your new property, you have the option to secure a Service Contract with us. This contract enables us to assist you in efficiently managing your property.